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2 Things You Can Do to Build & Scale Fast in 2021

Growing and scaling your business may feel like climbing Mount Everest at times…possible for others, but not realistic for you. Hey, we get it! 2020 was a challenging year for everyone and the beginning of 2021 still feels out of control. But with every new challenge comes new opportunities for growth! So regardless of how your business did last year, there are still plenty of things that you can do this year to ensure the success of your business in 2021 and for years to come. In this blog, we’re going to go over two things you can do in the next week to build and scale your business fast. Let’s get started!

#1: Review Your Last Year

The best way to plan for the future is to learn from the past, so the first thing to do to grow your business is to look at your financials from 2020. You need to have a clear picture of what worked and what didn’t last year so that you can adjust your plan for this year. To do this, look at three key areas: Finance, Products and Pricing and Processes, and Team Performance.

Review Your Finances

Most people hate reviewing their financial performance in the previous years. While it’s not easy to take a look at all of your income and expenses, analyzing where your money came from and where it went is key to building and scaling a profitable business.

So, take a look at the details of your finances. At a minimum run your P&L, balance sheet, and cash statement. Nothing could be worse than diving into 2021 just trusting fate to get you to the next level in your business. Instead, if you take the time to review your finances and figure out what key areas of your business are working for you and what areas are not, you’ll find answers to what you need to do differently to grow your business in 2021.

For example, if sales are down, then figure out how to balance that with lowering fixed expenses. If a product launch is going well, then see where you can allocate some marketing dollars in the budget to take it even further.

Review Products, Pricing, & Processes

Sometimes the best way to increase your revenue isn’t to acquire more clients, but to increase your pricing structure. So, you need to take a look at the products and services you offer and think about how you could package your offerings better or differently. Remember, it’s never only about the price, it’s about the value you bring to your clients.

So ask yourself, “How can I bring more value to the customers I serve?”

Are there any products you can sell more of or any you should stop selling? If you are a service provider, can you find a way to stop trading time for money? For many of our clients, this is a big one that we work on with them. Too often, we see service professionals undervalue their worth by putting an hourly wage to their work, directly trading time for money. Think outside the box and figure out how you can make money in a way that isn’t directly tied to the hours you work. How can you package up your offerings to provide great value that will require a higher price?

Finally, review your sales and onboarding processes. Where do you and your team spend the most time? What you’re trying to understand here is if your time (or your team’s time) is spent on the tasks that bring in the most revenue or provide the best value to your company. If one of your team members is spending 90% of their time on cold calling new clients but 95% of your business comes in from referrals, then that position might need to be adjusted to new tasks that will drive revenue.

Review Team Performance

This is a challenging one for most people! Trust me, we know that it’s hard to review your team performance, but it’s part of your job as a leader. So, start by considering the following questions:

  • Are people on your team performing well and achieving their goals?
  • Do you need to replace anyone or move them to a better-suited position?
  • Do you need to hire more people or create jobs for different positions to achieve your goals?

#2: Plan & Set Goals

Once you’re done with the review, it’s time to plan and set goals. When we say to set goals, we’re not talking about those classic new year resolutions that you commit to every New Year’s Eve…then give up by New Year’s Day. No, we’re talking about setting 1-year, 5-year, and 10-year life plans that then break down into the actual monthly goals you need to accomplish to take your business to the next level. And you’re not just going to set these goals in your head.

Most importantly, you need to write down your goals and your plan is so you have a physical, tangible way to move forward. This is a very difficult process to do in the midst of all your normal daily work. Most business owners have great intentions but when you have a business to run, it is difficult to set the time aside to plan, especially when you feel like you have more important things to do. Trust us on this one, writing your plan down is one of the most important things you can do for your business.

  • Start by looking at what you want your life to look like in 10 years, 5 years, and 1 year from now, both personally and professionally.
  • Imagine where you will live and what you want your life to truly look like.
  • Are you taking vacations every 3 months? Or do you want to have a multi-million dollar business allowing you to pay for your kids’ college educations?
  • Set your larger goals and then slowly fill in the smaller, month-to-month goals.
  • Your goals should always be specific and measurable. For example, if you’d like to quadruple your ROI by December 31st, 2021, write that down!

The power in setting your 1-year, 5-year, and 10-year life plan is to figure out what is inspiring you to take the necessary steps each day to get to that life you envision living.

Once you set your life plan, then you can set realistic goals to help you achieve those plans. We love this goal-setting and planning practice at Evolve Global University! It allows us to wake up every morning and review our life plans and goals for the year and then set our daily tasks to match those goals. It is incredibly empowering and productive.

There you have it! The two most important steps you must take if you want to grow your business in 2021: Review last year and then plan and set goals for this year. Remember, they may be simple, but they are not easy. And if you need some support on creating your goals for 2021, we run Goal Setting and Productivity Workshops. Click the link to find out more about the workshops and enroll. We also have a free Goal Setting Worksheet to get you started.

Comment on the blog below if you’d like us to send you one. Until next time!

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